Increased scrutiny be everyone: owners, employees, investors, the Internal Revenue Service (IRS), other government agencies and the media, will certainly impact salary and benefits packages in the future according to Paul Dorf, Managing Director of Compensation Resources, Inc., a consultant and presenter before the Family Business Forum of George Rothman Institute at Fairleigh Dickinson University in October.
Businesses, whether privately owned or not, will be looking to "get the biggest bang out of each buck," Dorf told the audience. He predicted tighter budgets with increasing cost controls and heightened accountability that will link compensation with performance and results. Businesses, he said, will be looking to "accomplish more, with fewer, for less."
To accomplish this and still remain competitive, they will need a clear-cut compensation strategy that will enable them to not only attract but keep talented employees. He sees a shift toward customized pay plans to reward valued key executives and employees and more leveraged pay-for-performance plans.
